Cryptocurrency Mining Hardware Market by Product and Geography - Forecast and Analysis 2021-2025
- Published: Jul 2021
- Pages: 122
- SKU: IRTNTR43766
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The cryptocurrency mining hardware market share is expected to increase by USD 2.82 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.85%.
This cryptocurrency mining hardware market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cryptocurrency mining hardware market segmentations by product (ASIC and GPU) and geography (APAC, North America, Europe, South America, and MEA). The cryptocurrency mining hardware market report also offers information on several market vendors, including Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd. among others.
What will the Cryptocurrency Mining Hardware Market Size be During the Forecast Period?
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Cryptocurrency Mining Hardware Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising popularity of mining pools is notably driving the cryptocurrency mining market size growth, although factors such as declining cost of mining hardware may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cryptocurrency mining hardware industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cryptocurrency Mining Hardware Market Driver
One of the key factors driving the cryptocurrency mining hardware market is the rising popularity of mining pools. Mining pools are groups of miners who work together by combining their computational resources and sharing their hashing power to reduce the effects of volatility and obtain better outputs. After the groups are successfully able to mine cryptocurrency, the miners split the cryptocurrency according to their agreed terms and based on their contributions to the mining activity through the production of proof of work. Some cryptocurrency exchange companies have also announced plans to launch new mining pools. For instance, in April 2020, Binance, a cryptocurrency exchange company, announced a plan to launch its own mining pool named Binance Pool, which will operate with zero fees until May 31, 2020. In mining pools, miners cannot steal the rewards of other miners as they are given a template of the block by the pool operator that they work on. The increasing popularity of mining pools will encourage new miners to join. Thus, new miners will have to opt for mining hardware solutions in order to mine cryptocurrency efficiently with other miners. Therefore, the global cryptocurrency mining hardware market will grow during the forecast period.
Key Cryptocurrency Mining Hardware Market Trend
Another key factor driving the cryptocurrency mining hardware market growth is the market capitalization. The market capitalization of cryptocurrencies refers to the total market value of cryptocurrencies in the current market scenario. It is commonly referred to as market cap. Market capitalization shows the valuation of cryptocurrencies for investors to understand the value of cryptocurrencies in the market and the investment risks involved. It is an effective way for risk assessment and is helpful for traders to choose their cryptocurrency investment options and diversify their portfolios. The price of cryptocurrencies declined in 2018, which had a negative impact on the profitability of various cryptocurrency mining ventures and investors. The constantly intensifying competition among large mining pools and the growing difficulty in mining cryptocurrencies such as Bitcoin are making mining less profitable. This is expected to have an adverse impact on the market during the forecast period.
Key Cryptocurrency Mining Hardware Market Challenge
Declining cost of mining hardware are one of the key challenges hindering the cryptocurrency mining hardware market growth. The value of cryptocurrencies such as Bitcoin increased between 2014 and 2017. For instance, the value of Bitcoin increased by almost 1,394.27% between January 2014 and December 2017. The increase in value encouraged various people to start mining. Hence, the number of miners increased, and various professional miners made significant investments to improve their mining operations by acquiring hardware solutions such as ASIC mining hardware solutions to gain a competitive edge over other miners. However, since 2018, the value of cryptocurrencies such as Bitcoin and Ethereum has been decreasing, which is severely affecting the profitability of miners. The decreasing value of cryptocurrencies has led to various small and medium-sized mining companies ceasing operations. Therefore, the demand for and sales of GPU and ASIC mining hardware solutions have decreased. For instance, in July 2018, NVIDIA expected the sales of GPUs to cryptocurrency miners to decrease by almost 66% over the course of this last quarter of 2018. Thus, as the prices of cryptocurrency mining hardware solutions decrease, the revenue inflow in the global cryptocurrency mining hardware market will reduce, which will hamper the growth of the market during the forecast period.
This cryptocurrency mining hardware market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global cryptocurrency mining hardware market as a part of the global information technology spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cryptocurrency mining hardware market during the forecast period.
Who are the Major Cryptocurrency Mining Hardware Market Vendors?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Advanced Micro Devices Inc.
- ASICminer Co.
- Baikal Miner
- Bitfury Group Ltd.
- BitMain Technologies Holding Co.
- Canaan Inc.
- Cynosure Technologies Co. Ltd.
- Halong Mining
- INNOSILICON Technology Ltd.
- Shenzhen MicroBT Electronics Technology Co. Ltd.
This statistical study of the cryptocurrency mining hardware market encompasses successful business strategies deployed by the key vendors. The cryptocurrency mining hardware market is fragmented and the vendors are deploying growth strategies such as focusing on increasing their hash rates and trying to improve the efficiency of mining hardware, which will help companies to compete in the market.
Product Insights and News
- Advanced Micro Devices Inc.- The company offers CPU and GPU technologies to make blockchain transactions increasingly faster and more secure.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cryptocurrency mining hardware market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Cryptocurrency Mining Hardware Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the cryptocurrency mining hardware market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Cryptocurrency Mining Hardware Market?
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56% of the market's growth will originate from APAC during the forecast period. China is the key market for cryptocurrency mining hardware in APAC. Market growth in this region will be faster than the growth of the market in regions.
Rising investments by vendors for cryptocurrency mining facilities in countries such as China will facilitate the cryptocurrency mining hardware market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 affected many countries in the region, such as China, India, South Korea, and Japan, in 2020. As of July 14, 2021, the total number of COVID-19 cases reported in India, Indonesia, and Japan was around 30.98 million, 2.67 million, and 0.82 million, respectively. In March 2020, India imposed a complete lockdown to prevent the community spread of the disease. The pandemic impacted the demand for cryptocurrency since it led to an uncertain price scenario for cryptocurrency in countries such as Japan and South Korea. Also, the restrictions for people to self-isolate and quarantine themselves have been one of the major reasons for their reduced movement into mining farms. Several cryptocurrency-related events were postponed, mining gear manufacturers announced supply chain disruptions, and few mining farms halted operations temporarily in China in February 2020. Hence, these factors had a negative impact on cryptocurrency mining hardware and thereby hampered the potential growth of the market. However, once the COVID-19 pandemic is contained, the market will register substantial growth during the rest of the forecast period.
What are the Revenue-generating Product Segments in the Cryptocurrency Mining Hardware Market?
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The cryptocurrency mining hardware market share growth by the ASIC will be significant during the forecast period. An ASIC is a hardware solution that is specially designed to compute algorithms, which are called hash algorithms. These algorithms are used to develop blockchains, which is the primary technology used in cryptocurrencies such as Bitcoin. ASIC mining hardware solutions can be used to mine any cryptocurrency; however, they must be preconfigured to perform specific calculations depending on the type of cryptocurrency that must be mined. ASIC mining hardware solutions are generally used to mine cryptocurrencies such as Litecoin and Bitcoin.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the cryptocurrency mining hardware market size and actionable market insights on post COVID-19 impact on each segment.
Cryptocurrency Mining Hardware Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 7.85%
Market growth 2021-2025
$ 2.82 billion
YoY growth (%)
APAC, North America, Europe, South America, and MEA
Performing market contribution
APAC at 56%
Key consumer countries
China, US, Russian Federation, Canada, and Switzerland
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Advanced Micro Devices Inc., ASICminer Co., Baikal Miner, Bitfury Group Ltd., BitMain Technologies Holding Co., Canaan Inc., Cynosure Technologies Co. Ltd., Halong Mining, INNOSILICON Technology Ltd., and Shenzhen MicroBT Electronics Technology Co. Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
What are the Key Data Covered in this Cryptocurrency Mining Hardware Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive cryptocurrency mining hardware market growth during the next five years
- Precise estimation of the cryptocurrency mining hardware market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the cryptocurrency mining hardware industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of cryptocurrency mining hardware market vendors
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1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
3 Market Sizing
- 3.1 Market definition
- Exhibit 03: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 04: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 07: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 08: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 09: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 10: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 11: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 12: Threat of rivalry
- 4.7 Market condition
- Exhibit 13: Market condition - Five forces 2020
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 14: Product - Market share 2020-2025 (%)
- 5.2 Comparison by Product
- Exhibit 15: Comparison by Product
- 5.3 ASIC - Market size and forecast 2020-2025
- Exhibit 16: ASIC - Market size and forecast 2020-2025 ($ million)
- Exhibit 17: ASIC - Year-over-year growth 2020-2025 (%)
- Exhibit 18: ASIC mining hardware comparison
- 5.4 GPU - Market size and forecast 2020-2025
- Exhibit 19: GPU - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: GPU - Year-over-year growth 2020-2025 (%)
- Exhibit 21: GPU mining hardware comparison
- 5.5 Market opportunity by Product
- Exhibit 22: Market opportunity by Product
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 24: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 25: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 26: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 27: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 North America - Market size and forecast 2020-2025
- Exhibit 28: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 29: North America - Year-over-year growth 2020-2025 (%)
- 7.5 Europe - Market size and forecast 2020-2025
- Exhibit 30: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 31: Europe - Year-over-year growth 2020-2025 (%)
- 7.6 South America - Market size and forecast 2020-2025
- Exhibit 32: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 33: South America - Year-over-year growth 2020-2025 (%)
- 7.7 MEA - Market size and forecast 2020-2025
- Exhibit 34: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 35: MEA - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 36: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 37: Market opportunity by geography
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 38: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 39: Vendor landscape
- 9.3 Landscape disruption
- Exhibit 40: Landscape disruption
- Exhibit 41: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 42: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 43: Market positioning of vendors
- 10.3 Advanced Micro Devices Inc.
- 10.4 ASICminer Co.
- Exhibit 49: ASICminer Co. - Overview
- Exhibit 50: ASICminer Co. - Product and service
- Exhibit 51: ASICminer Co. - Key offerings
- 10.5 Baikal Miner
- Exhibit 52: Baikal Miner - Overview
- Exhibit 53: Baikal Miner - Product and service
- Exhibit 54: Baikal Miner - Key offerings
- 10.6 Bitfury Group Ltd.
- Exhibit 55: Bitfury Group Ltd. - Overview
- Exhibit 56: Bitfury Group Ltd. - Product and service
- Exhibit 57: Bitfury Group Ltd. - Key offerings
- 10.7 BitMain Technologies Holding Co.
- Exhibit 58: BitMain Technologies Holding Co. - Overview
- Exhibit 59: BitMain Technologies Holding Co. - Product and service
- Exhibit 60: BitMain Technologies Holding Co. - Key news
- Exhibit 61: BitMain Technologies Holding Co. - Key offerings
- 10.8 Canaan Inc.
- Exhibit 62: Canaan Inc. - Overview
- Exhibit 63: Canaan Inc. - Business segments
- Exhibit 64: Canaan Inc. - Key news
- Exhibit 65: Canaan Inc. - Key offerings
- Exhibit 66: Canaan Inc. - Segment focus
- 10.9 Cynosure Technologies Co. Ltd.
- Exhibit 67: Cynosure Technologies Co. Ltd. - Overview
- Exhibit 68: Cynosure Technologies Co. Ltd. - Product and service
- Exhibit 69: Cynosure Technologies Co. Ltd. - Key offerings
- 10.10 Halong Mining
- Exhibit 70: Halong Mining - Overview
- Exhibit 71: Halong Mining - Product and service
- Exhibit 72: Halong Mining - Key offerings
- 10.11 INNOSILICON Technology Ltd.
- Exhibit 73: INNOSILICON Technology Ltd. - Overview
- Exhibit 74: INNOSILICON Technology Ltd. - Product and service
- Exhibit 75: INNOSILICON Technology Ltd. - Key offerings
- 10.12 Shenzhen MicroBT Electronics Technology Co. Ltd.
- Exhibit 76: Shenzhen MicroBT Electronics Technology Co. Ltd. - Overview
- Exhibit 77: Shenzhen MicroBT Electronics Technology Co. Ltd. - Product and service
- Exhibit 78: Shenzhen MicroBT Electronics Technology Co. Ltd. - Key offerings
- 11.1 Scope of the report
- 11.2 Currency conversion rates for US$
- Exhibit 79: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 80: Research Methodology
- Exhibit 81: Validation techniques employed for market sizing
- Exhibit 82: Information sources
- 11.4 List of abbreviations
- Exhibit 83: List of abbreviations
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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Frequently Asked Questions?
- Russian Federation
- rising popularity of mining pools
- Increasing popularity of ICOs
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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